German Telecom starts a Chainlink node
German Telecom starts a Chainlink node
Blockchain

German Telecom starts a Chainlink node

By Alfredo de Candia - 23 Jul 2020

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Yesterday Chainlink (LINK), famous for its decentralized oracles, announced that T-System MMS, part of the German giant Telecom, has started its node and will be part of the network of decentralized oracles.

The press release explains the importance of being able to automate and optimize technological processes also thanks to the use of smart contracts and that over time systems are improving and integrating in different areas of traditional technologies such as IoT (Internet of Things).

Obviously, smart contracts have limitations and until some time ago they could not operate data from outside the blockchain, so we had to look for a system to interact with them.

That’s why oracles were invented, tools that take data from an external source and enter them into smart contracts, or rather they are called by smart contracts.

Not all oracles have the same functions or are based on the same technology, in fact there are centralized and decentralized oracles. 

Chainlink is an oracle that defines itself as decentralized and allows even faster data management than centralized oracles.

In order to spread this type of technology, T-System Multimedia Solutions has decided to put itself at the forefront and create its decentralized Chainlink node, so as to support the network and provide up-to-date, accurate and reliable data.

This data is fundamental both in the business world and in the decentralized finance (DeFi) sector, as reiterated in the press release:

“Due to the decentralized structure of Chainlink’s oracle solution and the incentives tied to its provisioning, the developer and user of a smart contract can rely on the off-chain data supplied by the Chainlink Network. We at T-Systems Multimedia Solutions want to strengthen the network with our professional infrastructure, as well as monetize the data we provide through it via a native digital asset of the network.

As for the price of Chainlink we can see that it seems to have calmed down compared to last week’s peak, when LINK recorded its ATH at $8.80, while now it seems to return to more normal levels at $7.

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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